GDP per capita

Tuesday, January 23, 2018 16:00

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GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

GDP is expressed in current US dollars per person. Data are derived by first converting GDP in national currency to dollars and then dividing it by total population.

GDP per capita determines the level of economic development of the country: the higher the GDP per capita in a country the higher the economic wealth of its citizens.